Vivant unit to acquire stake in Buskowitz
Vivant Renewable Energy Corp. (VREC), the renewable energy arm of Vivant Energy Corp. (VEC), is acquiring 34.85 percent of Buskowitz Finance Inc. (BFI) to beef up VEC’s solar power portfolio.
A Shareholders’ Agreement (SHA), which was signed last March 10, allows VREC to acquire equity interest in BFI, a sustainable solutions enterprise specializing in rooftop solar photovoltaic installations.
Under the agreement, VREC will acquire a shareholding of 34.85 percent through a series of investments in BFI.
“VREC will invest in BFI up to 34.85 percent of the total equity of the same company subject to certain conditions,” the company said. “VREC will be investing up to P364 million through an initial subscription in BFI, which will be completed through a series of infusions via deposits for future subscription of shares pursuant to an increase in the authorized capital stock of BFI.”
The Vivant Group is expanding its renewables portfolio with its latest equity investment into one of the country’s major players in rooftop solar. BFI is a solar engineering, procurement and construction company and is considered as one of the biggest players in the rooftop solar installation market in the Philippines to date.
“We give high importance to both supply security and sustainability in our investments. We study renewables as well as technologies that combine both conventional and renewable. In our projects in SPUG [small power utilities group] areas, we find hybrid technologies to be highly viable,” VREC President Emil Andre M. Garcia said.
VREC is a wholly owned subsidiary of VEC, the holding company for energy-related investments of publicly listed Vivant Corp.
BFI Energy Chief Executive Officer James Buskowitz said VREC’s series of investments amounting to up to P364 million will enable Buskowitz Energy to continue innovating and making a positive impact on the country’s development.
“At the end of the day, the benefits of harnessing the power of the sun go beyond lowering costs. Sustainability is the true bottom line and sustainable development is the common future, where the needs of this generation must be met without compromising the needs and growth of future generations,” Buskowitz said.
Vivant and BFI are hoping to power more communities with renewable energy, offer sustainable solutions, and create a low-carbon future for the Philippines.
Vivant has been providing adaptable and forward-looking solutions to various segments of the power value chain, including energy generation and distribution, as well as, retail electricity.
BFI’s first collaboration with Vivant started in 2019 when it was commissioned to provide engineering, procurement, and construction services for several rooftop solar projects. To date, the total capacity of solar installations made by Buskowitz with Vivant has reached 2.4 megawatts.
“As a group, Vivant’s goal is to provide adaptable and forward-looking solutions that address sustainability while improving everyday living of our communities. These solutions include renewable energy, which is why we are committed to expanding our renewable energy capacity,” VEC President Arlo A.G. Sarmiento said.
Original article was published on BusinessMirror